S&P 500, Nasdaq end sharply lower as revived AI doubts ignite tech selloff
Investors sold AI-linked shares after earnings raised fresh doubts about spending, sending the Philadelphia semiconductor index lower and dragging major U.S. benchmarks down.
- On Thursday, Wall Street's main indexes opened lower as growth stocks faced renewed pressure following earnings from Tesla and Meta, while Brent crude rebounded above $111 a barrel.
- AI-Related stocks have been shaky amid worries that the industry's boom faces threats from high borrowing costs for data centers and chips needed to fuel expansion.
- Nvidia dropped 4.3 per cent as the largest chip stock by market value; CoreWeave fell 9.6 per cent amid debt concerns. JPMorgan traders cited "the still fragile narrative around AI financing concerns" in a note.
- Investors sought safety in government bonds Thursday, pushing the 10-year Treasury yield down to 4.98 per cent from 5.13 per cent on Wednesday as the S&P 500 and Nasdaq Composite declined.
- Oil prices hit their highest levels since May amid uncertainty over the war with Iran, as Procter & Gamble CEO Shailesh Jejurikar said the company expects "geopolitical and economic challenges" to continue.
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124 Articles
United States equity indices closed their trades yesterday Thursday, at odds, with the decline of Standard & Port 500 and Nasdak, amid heightened investor concerns about the usefulness of increasing spending on artificial intelligence techniques and expected returns, following the release of the business results of a number of major companies.
AI Stocks Slide As Spending Anxiety Festers After Tesla, Meta Earnings
Nasdaq plunges 2.6% as AI spending fears spark tech selloff | Honolulu Star-Advertiser
NEW YORK >> U.S. stocks tumbled today and the Nasdaq posted its steepest daily drop since early June as a batch of high-profile earnings reports ignited fresh fears about the AI spending race.
The fear of an expensive AI race is sending the US stock exchanges down. Especially technology values are under pressure. Bond yields are clearly declining.
Tumbling AI Stocks Overwhelm Markets
The latest shudder for AI stocks sweated markets sharply lower around the world on Thursday. The S&P 500 fell 93.74 points, or 1.2%, to 7,663.43 for its worst day since July. The Dow Jones Industrial Average edged up 11.89 points, or less than 0.1%,...
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